6.1-250 - (Repealed effective October 1, 2010) Certain persons ineligible as licensees; exemptions. - Virginia Statutes

§ 6.1-250. (Repealed effective October 1, 2010) Certain persons ineligible aslicensees; exemptions.

A. No person doing business under the authority of any law of thisCommonwealth or of the United States relating to banks, savings institutions,trust companies, building and loan associations, industrial loanassociations, or credit unions shall be eligible to become a licensee underthis chapter nor shall this chapter apply to any business transacted by anyperson under the authority of and as permitted by any such law, nor to anybona fide pawnbroking business transacted under pawnbroker's license, nor toanyone operating in accordance with the specific provisions of any other lawheretofore or hereafter enacted.

B. Nothing contained in subsection A or any other section of this title shallbe construed to prevent a subsidiary of a bank or savings institution frombecoming a licensee under this chapter. A licensee that is a subsidiary oraffiliate of a bank or savings institution shall be governed by theprovisions of this chapter, and all regulations promulgated hereunder, asfully as if such licensee were not such a subsidiary or affiliate.

(Code 1950, § 6-280; 1966, c. 584; 1996, c. 16; 2000, c. 192.)